COFC(SZ:000798)2020-04-22 16:00Financial Performance - The company's operating revenue for Q1 2020 was ¥63,915,429.62, representing a decrease of 38.77% compared to ¥104,377,724.44 in the same period last year[8] - The net profit attributable to shareholders was -¥12,317,209.03, an improvement from -¥22,056,022.97 year-on-year[8] - The net cash flow from operating activities was -¥22,280,162.82, worsening from -¥8,516,364.94 in the previous year[8] - The company reported a significant increase in prepayments, which rose to approximately CNY 16.30 million from CNY 0.68 million, reflecting a growth of over 2,300%[27] - The company reported a total comprehensive loss of CNY 11,015,794.32 for Q1 2020, compared to a loss of CNY 24,448,658.16 in the same quarter last year[33] - Basic and diluted earnings per share for Q1 2020 were both -0.0386, compared to -0.0690 in Q1 2019[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,146,424,403.44, an increase of 1.93% from ¥1,124,725,159.54 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 1.60% to ¥752,081,059.67 from ¥764,319,964.83[8] - Current liabilities rose to CNY 297,460,832.64 from CNY 263,175,941.28, marking an increase of about 13%[29] - The total liabilities increased to CNY 346,445,798.60 from CNY 312,417,024.53, reflecting a rise of about 10.9%[29] - The company's equity attributable to shareholders decreased to CNY 752,081,059.67 from CNY 764,319,964.83, a decline of approximately 1.6%[29] Cash Flow - The net cash flow from investing activities decreased by 543.66 million compared to the previous period, mainly due to increased cash payments for fixed assets and decreased cash received from investment recoveries[15] - The net cash flow from financing activities increased by 496.23 million compared to the previous period, mainly due to increased cash received from borrowings and decreased cash paid for debt repayment[15] - The ending cash and cash equivalents balance decreased to 78,193,698.13 CNY from 130,748,416.57 CNY, reflecting a decline of approximately 40.1%[38] - The net cash flow from financing activities was 23,264,267.94 CNY, a recovery from a net outflow of -26,359,145.34 CNY in the previous year[38] Operational Challenges - Accounts receivable increased by 48% compared to the beginning of the period, mainly due to normal sales not yet reaching the payment period[15] - Inventory increased by 22% compared to the beginning of the period, primarily due to unsold fish products affected by the pandemic[15] - Operating revenue decreased by 39% compared to the previous period, while operating costs decreased by 34%, mainly due to the pandemic and unsold fish products[15] - The company is closely monitoring the impact of the COVID-19 pandemic on its operations and has engaged in communications regarding its business status[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,587[11] - The largest shareholder, China Agricultural Development Group Co., Ltd., holds 25.36% of the shares, totaling 81,003,133 shares[11] Related Party Transactions - The company engaged in a related party transaction by borrowing from the controlling shareholder, which did not have a significant impact on the first quarter profit[16] - The company has committed to avoiding competition with its controlling shareholder, China Agricultural Development Group, and has made progress in integrating its operations[19] - The company has completed the acquisition of all ultra-low temperature tuna longline fishing projects from its controlling shareholder, fulfilling part of its commitments[19]